Selling Flat via a Property Auction

vendredi 23 septembre 2022

Hi All,

Just wondering if anyone has any advice or experience with selling property via online property auctions?

I am having to go this route due to a horrendous year in which my flat in Penge has been up for sale which and included two sales falling through including one on the day of exchange. The main reason for the urgency now is that my fiance is 6 months pregnant and the flat just isn't fit for purpose.

I paid 200k for the flat in 2016 and initially had the flat listed for offers over 220k with the two accepted offers that fell through being around that ballpark.

After the last sale fell through and having spoken to my solicitor I decided to go the auction route and put the reserve price at 200k hoping to generate the interest to make a bit more but having just spoken to the auction company today they want me to lower the reserve price to around 150/160k as there is zero interest and it sounds like the market is in tatters. This feels like a huge kick in the teeth and if I sold for this amount would likely not even be able to make an onward purchase elsewhere as I'll effectively have such a small deposit taking a 40-50k loss even despite 6 years of mortgage payments.

I guess I'm just looking for some reassurance that even if I lowered the reserve price it might still sell for a decent amount. The flat has nothing wrong with it and is a fairly bog standard top floor Victorian studio conversion. 95 years left on the lease and in a good location.

Thanks in advance.


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